Chinese EV giant BYD surpasses Tesla in revenue, delivering a remarkable 4.27 million vehicles in 2024 and solidifying its position as the global leader in electric mobility.
In a remarkable turn of events, China’s BYD has overtaken Tesla to become the world’s top electric vehicle (EV) maker by revenue, reporting a staggering 777 billion yuan ($107 billion) in earnings for 2024.
This marks a 29% rise from the previous year, with the company delivering 4.27 million vehicles, both electric and hybrid.
In contrast, Tesla saw its revenue hit $97.7 billion, a slight dip in the face of global challenges, and delivered 1.79 million EVs—down 1.1% from the year before.
BYD’s rapid expansion is being hailed as a triumph of Chinese ingenuity, challenging the dominance of Western brands in the global EV market.
CEO Wang Chuanfu proudly declared that BYD is reshaping the industry, from batteries to vehicles, and has significantly shifted the global landscape.
As electric cars continue to rise in popularity, BYD’s meteoric growth signals a new era of competition in the auto industry.